New Accounting Standards for For-Profit Entities

This page provides For-Profit entities a snapshot of new and amending standards to consider when preparing financial statements.

These new and amending standards are effective for accounting periods beginning
1 January on or after the following years:

2022

2023

2024

Annual Improvements to NZ IFRS 2018–2020

NZ IFRS 17 Insurance Contracts

Lease Liability in a Sale and Leaseback » XRB

Onerous Contracts – Cost of Fulfilling a Contract (Amendments to
NZ IAS 37)

Disclosure of Accounting Policies (Amendments to
NZ IAS 1)

Disclosure of Fees for Audit Firms' Services (Amendments to FRS-44)

Property, Plant and Equipment: Proceeds before Intended Use (Amendments to
IAS 16)

Definition of Accounting Estimates (Amendments to
NZ IAS 1)

Classification of Liabilities as Current or Non-Current (Amendments to
NZ IAS 1)

Reference to the Conceptual Framework (Amendments to
IFRS 3)

Initial Application of NZ IFRS 17 and NZ IFRS 9 – Comparative Information (Amendments to NZ IFRS 17)

Non-current Liabilities with Covenants (Amendments to NZ IAS 1)

Further information of these new or amending standards are available on the Recent Approvals page of our website.

Last Updated: 29 May 2023